Economic Growth in the Gilded Age - US Economic History 5
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- Опубліковано 29 вер 2024
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In the Gilded Age (the 1870s and 1880s), the US economy grew faster than ever. Video created with the Bill of Rights Institute to help students ace their exams.
This is the fifth video in a series of nine with Professor Brian Domitrovic, which aim to be a resource for students studying for US History exams and to provide a survey of different (and sometimes opposing) viewpoints on key episodes in U.S. economic history.
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Regulating Monopolies: A History of Electricity Regulation - Learn Liberty (video): Professor Lynne Kiesling explains the motivations behind regulating Gilded Age monopolies and the results of those regulations. • Regulating Monopolies:...
The robber barons weren’t robbers. Here’s why. (blog post): Lawrence Reed argues that Standard Oil shouldn’t be seen as an argument against free markets, but an argument for them. www.learnlibert...
How Capitalism Freed Victorian Women - Learn Liberty (video): Dr. Thaddeus Russell explains how the booming economy of the Gilded Age allowed women to find their own jobs, money, and freedom. • How Capitalism Freed V...
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I want to see some growth like this in my life time too
Libertarians need more channels like this, where big ideas are summed up in short videos. Would definitely help convert more Millennials who normally get their news and ideas from Vox.
I'm actually subscribed both to this channel and Vox. I try to get as wide a range of political views in my news intake as possible. I don't agree entirely with either.
+William Sockhecker Here's to you and those who also work to break their bubbles!
sup
Mark Twain dubbed it "The Gilded Age" precisely because of the way the vast majority of the population was being exploited while the very few lived in extravagant wealth and used their wealth to mask the suffering of the workers. The analogy is gilding hard-earned Iron (The Worker) with Gold (The Owner), hence the Gilded Age.
Fantastic video Thank you Learn Liberty!!!
I love you babe
@LearnLiberty, what software do you use to animate these videos? I'd love to know! Thanks!
Love this time in history
Laissez-faire brought the greatest long boom of all time in the US from 1870-1912. The fastest part of that boom, being between 1870s-1880s
@Arthur Doradoux no government intervention
And Woodrow Wilson ruined it all.
Unfortunately, I believe he gets a bad rap. I don't think he was a bad guy, I think he was forced/threatened. If you look at what he says after his presidency, he tells the truth about wrong it was.
@ron clark Whooooooo!! Where do we begin? Woodrow Wilson was the first President to openly attack the founders and disdain the Constitution. He said the Constitution was an antiquated document and that the founders’ love for individual freedom was outdated and should be discarded in favor of “progress“. Wilson was so arrogant, he said the founders would see how bad their own work was if they were alive in his time to look at it. Wilson also segregated the federal government for the first time since before the Civil War; when some black leaders came to protest, he said, “Segregation is not a humiliation but a benefit, and ought to be so regarded by you gentlemen.” He also showed the movie The Birth of a Nation in the White House in February 1915, which led to a big nationwide revival of the Ku Klux Klan, after five decades of it being defunct. Wilson also ran for reelection on a promise not to take America into World War I, then he did exactly that four months into his second term (which he won by a hair). After he took us into World War I, he put German-Americans into internment camps; FDR did the same thing during World War II, and German-Americans have never gotten any kind of apology for it. Then after passing the Sedition Act in 1918, Wilson actually put people in jail just for criticizing him and the federal government. And the federal reserve was what really caused the Great Depression by flooding the market with too much credit and paper money, so Wilson kind of deserves credit for that too. Woodrow Wilson governed this country like a despotic dictator. The founders believed in individual freedom - Wilson believed in collectivism. Wilson deplored Thomas Jefferson’s doctrine of individual freedom; he was a scholar of Hegel, just like Marx, Mussolini, and Hitler. And he wasn’t pressured to do anything, either. He thought he knew everything, and he spent his whole Presidency pushing everyone around, telling them to listen to him. AND he had a stroke a year before leaving Office and never recovered, so he could barely talk for the rest of his life; any quotes you find from after his Presidency are almost certainly fake. Just progressives trying to cover for him. In my book, Woodrow Wilson gets the award for most evil President. I agree - it is very unfortunate that you believe he gets an undeserved bad rap.
So true!! Hyperinflation, depression, social turbulence, racial turbulence, a pandemic, massive debt, massive deficit, League of Nations fail!
He sucked as a president. Don’t know why people think of him as great president
@@samcotten2416 he and others actually threw commies and socialists in prison and that can be from the right of the country at the time, not Wilson
@Roman Legion Have you not heard of the Sedition Act of 1918? That definitely passed in both Houses of Congress with much more overwhelming support from Democrats, and it was definitely Wilson who signed it into law.
Loosing that position really quickly there. America is very quickly becoming NOT the premier economy. In fact, you could argue it hasn't been for a while now
With 1 billion+ population countries like India and China finally catching onto capital accumulation, investment, and markets--instead of Nehru planned socialism until 1990 and Maoist communism until 1976--it's inevitable that the USA will lose its place as world's largest economy. And America hasn't helped itself most of the last 20 years either with a lot of government policies that have accelerated the shrinking of its lead.
That said, it should be a good while longer before any country anywhere near the size of USA's population surpasses its per-capita GDP/income. The highest population of any country with a higher per-capita income is Switzerland with 8.5 million people vs 331 million in the USA. The first country in the list with more than 50 million is Germany with 83 million and a per-capita GDP of $45.6K vs $63.5K (USA). The first country in the list with more than 100 million people is Japan at $39K and then China at $10.8K vs $63.5K (USA). The USA is still going to be a pretty good place to live for more than a few million people for a while longer.
Don't know how this proves your point at all. What I got from this is that workers worked long hours in dangerous conditions for low pay while bosses like Carnegie aggressively grew their companies and made millions. Meanwhile these millionaires paid off corrupt politicians, broke the backs of unions and strikes, and benefited from government subsidies while denouncing welfare. You even admit that barons like Carnegie and Rockefeller created de facto monopolies through vertical and horizontal integration. How is that a healthy, competitive market?
This is also to say nothing of the average African-American (sharecropping anyone?), Native-American (populations decimated through violence, buffalo near-extinction, and alcohol while being forced into reservations), or Chinese-American (used for labor then barred from entering the country). Were they better off because of unrestrained capitalism? Did libertarian ideals save them from lynching and genocide?
As others have said, this is revisionist garbage.
It's true that many industries experienced massive merger waves during the Gilded Age. But at the same time these industries were becoming concentrated by fewer and fewer firms, their output grew faster than the average rate of economic expansion during that period while their prices kept falling faster than the average consumer price index. This is the polar opposite of the standard monopoly model of restrict output and raise prices. These firms weren’t monopolies, they were just superior competitors who employed the best technology and industrial processes, innovated the best products, and achieved economies of scale. All of which enabled them to undercut their competitors and dominate their respective industries as a result. Consumers win in the end. Isn’t that the whole point of competition?
Great work! Thank you.
Thank you this made me understand what we’re learning in history.
If the Gilded Age was such a great time in America history then why don't most Americans have any idea when this time period was?
Because progressives (a.k.a. Democrats) don’t want you to know how damaging their policies have been to this country.
Because they're educated in government schools controlled by leftists.
I believe that the reason this time period isn't better well known is because once you get beyond the revisionist history glamourizing certain people and practices used in the American society, particularly towards labor, it becomes obvious that the practices used by people that are now revered was questionable, at best, in many cases.
Not just in areas that deal in labor, in many areas affecting the social and racial dynamics of America is this revisionist history used. That's why, in my opinion, there's a number of issues affecting America as a country today, that far too often the history of this time period is glossed over (1870's-1920's) and we only usually only hear about the expansion of America with westward expansion powered by the railroad, the urbanization of America domestically, and growth of American influence internationally. It's much easier to do and far less complicated.
We can see growth without working 72 hours a week. That's a lot of hours without seeing culture, family, church and society. This video gives the false notion that you can't see rising wages without working long hours.
No it doesn't. Use your high school English analysis skills to show me how. If you can't analyse or even find any techniques then you are clearly annoyed at simply your bubble bursting.
Fat Potatoe I agree